Janet Yellen, President Barack Obama's nominee to become Federal Reserve Board chair, is sworn in on Capitol Hill on Nov. 14 to testify on her nomination to succeed Ben Bernanke.

U.S. Sen. Bob Corker said Wednesday that he will vote to confirm Janet Yellen to be the Federal Reserve's next chair, setting aside his earlier skepticism toward her nomination to lead the central bank.

The Tennessee Republican sits on the Senate Banking Committee, which is scheduled to vote Thursday on Yellen's nomination. Yellen needs five Republican votes, plus the support of all 55 Democrats in the Senate, to win confirmation.

Corker voted against Yellen's nomination as vice chair of the Fed in 2010, but he said he had changed his mind after her confirmation hearing and a meeting this week.

Corker said Yellen had committed to moderate the Fed's recent practice of buying securities, an emergency strategy meant to promote job growth by pumping cash into the economy. Many economists fear the move could create a stock market bubble and trigger inflation.

"In the end, I do believe she has the qualifications necessary to be the Fed chairman," Corker said.

- Chas Sisk

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Sen. Corker now backs Janet Yellen to lead Federal Reserve

U.S. Sen. Bob Corker said Wednesday that he will vote to confirm Janet Yellen to be the Federal Reserve's next chair, setting aside his earlier skepticism toward her nomination to lead the central